biote Corp. (NASDAQ:BTMD) Sees Large Growth in Short Interest

biote Corp. (NASDAQ:BTMD) was the recipient of a large growth in short interest in the month of January. As of January 15th, there was short interest totalling 808,100 shares, a growth of 8.0% from the December 31st total of 748,200 shares. Currently, 2.7% of the shares of the company are sold short. Based on an average daily volume of 138,100 shares, the days-to-cover ratio is currently 5.9 days.

Institutional Trading of biote

Several hedge funds and other institutional investors have recently bought and sold shares of BTMD. Dimensional Fund Advisors LP boosted its stake in shares of biote by 1,016.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 660,069 shares of the company’s stock valued at $4,931,000 after purchasing an additional 600,956 shares in the last quarter. Renaissance Technologies LLC grew its holdings in shares of biote by 251.8% in the second quarter. Renaissance Technologies LLC now owns 193,077 shares of the company’s stock worth $1,442,000 after purchasing an additional 138,200 shares during the last quarter. The Manufacturers Life Insurance Company purchased a new position in shares of biote in the second quarter valued at about $84,000. Sanders Morris Harris LLC increased its holdings in biote by 131.2% during the 3rd quarter. Sanders Morris Harris LLC now owns 180,965 shares of the company’s stock valued at $1,010,000 after purchasing an additional 102,706 shares during the period. Finally, Victory Capital Management Inc. purchased a new stake in biote in the third quarter worth $106,000. Hedge funds and other institutional investors own 21.68% of the company’s stock.

biote Stock Performance

BTMD traded up $0.20 during trading on Monday, reaching $5.29. The stock had a trading volume of 189,903 shares, compared to its average volume of 114,233. The stock has a market cap of $287.46 million, a PE ratio of 20.35 and a beta of 1.04. The business has a 50-day moving average of $6.08 and a 200-day moving average of $6.03. biote has a one year low of $3.90 and a one year high of $8.44.

Wall Street Analysts Forecast Growth

Separately, Craig Hallum assumed coverage on shares of biote in a research note on Monday, December 16th. They set a “buy” rating and a $12.00 price target for the company.

About biote

biote Corp. operates in practice-building business within the hormone optimization space. It trains physicians and nurse practitioners in hormone optimization using bioidentical hormone replacement pellet therapy in men and women experiencing hormonal imbalance. The company offers Biote Method, a comprehensive end-to-end practice building platform that provides Biote-certified practitioners with the components developed for practitioners in the hormone optimization space comprising Biote Method education, training, and certification services; practice management software that allows Biote-certified practitioners to order, track, and manage hormone optimization product inventory and other administrative requirements; inventory management software to monitor pellet inventory; and information regarding available hormone replacement therapy products, as well as digital and point-of-care marketing support.